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435 Dalehurst Ave Receives 3rd Price Reduction

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The Westwood Little Holmby home at 435 Dalehurst Ave., LA CA 90024 received a price reduction this week of 2.44% or $40,000, down to $1,599,000. Re-listed early May for $1,639,000, this is the first price reduction of the current listing term and the third reduction overall since being listed 2/1/12. This home has contemporary vibe on the interior and is in move-in condition. Be aware that although the lot size looks like a generous ~8k feet lot, the backyard is primarily a narrow patio space with up-slope hillside. So if you want low maintenance patio area- this will be great. But if you want a pool or larger grassy area for a play area or any other use, this won't be the house for you.  According to the MLS, the home is a 3 bedroom / 2.5 bath, 2,175 sf of living space on a 7,809 sf lot size.

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1841 Benecia Ave Receives 1st Price Reduction

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The Westwood home at 1841 Benecia Ave LA CA 90025 received a price reduction of 5.01% or $100,000, down to $1,895,000. Listed 4/16/12 for $1,995,000, this is 1st price reduction of the current listing.  Previously, the home spent a little over 3 months on the market in 2008 asking $2,499,500 and possibly leased out instead. According to the MLS, the home is 5 bedroom / 5 bath, 4,503 sf of living space on a 5,270 sq ft lot. The home features an underground garage that you could park from 6-10 cars or so. I also want to make note that if your concerned about having a backyard, this will not be the house for you....this is all house and no yard.


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10460 Lauriston Ave Receives 2nd Price Reduction

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The Westwood home at 10460 Lauriston Ave., LA CA 90064 received a price reduction of 5.56% or $50,000, down to $849,000. Listed two months ago on 3/2/12 for $958,000, this is the second price reduction of the current listing term. This home is in need of major TLC and I would assume that someone would want to tear it down and start over. However, take notice that the lot is pie shaped and typical floor plans won't apply to this lot. I also want to point out that this home/lot sits right on Olympic and Lauriston but is currently priced like an interior neighborhood home. Lately homes on Olympic and 'any street' have been seeing $600's & $700's, depending on the condition of the home. Lastly, this is a probate sale and will require court confirmation. According to the MLS, the home is a 2 bedroom / 2 bath, 1,856 sq ft of living space on a 5,500 sf lot.

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Large Little Holmby Estate Receives 1st Price Reduction | 601 Woodruff

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The Westwood Little Holmby home at 601 Woodruff Ave LA CA 90024 received a price reduction of 6.26% or $300,000, down to $4,495,000. Originally listed in January for $4,750,000, the sellers accepted an offer in the 1st week upon coming to market. After a brief stint in escrow, it fell out and has been on and off the market since. This is one of the larger estates in Little Holmby on a sizeable 1/3 of an acre lot. With a more stately and expansive feel, the house/lot feels more like a Holmby Hills estate than a Little Holmby home. According to the MLS, the home is a 6 bedroom / 7.5 bath, 5,533 sq ft of living space on a 16,944 sq ft lot.

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Westwood Homes Open House Sunday May 27th, 2012

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Westwood Condos Open House Sunday May 27th, 2012

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What Did That Westwood Home Sell For At 1310 Malcolm Ave

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What Did That Westwood Home Sell For?

1310 Malcolm Ave, LA CA 90024 lasted 7 days on the market before accepting an offer on 3/23/12.  Listed in March for $1,169,000, this home continued the string of Westwood homes that are selling over the asking price. This home had been completely renovated throughout and is in move-in type condition. The lengthy set of steps up to the front door and small rear yard were a couple flaws that I saw in this house. However, the price point was low considering a move-in home in this neighborhood location in Westwood. On May 18th, 2012, 1310 Malcolm Ave closed 4% over the asking price at $1,212,500 |$645 $/sf|. According to the MLS, the home is a 3 bedroom / 1.75 bath, 1,880 sf of living space on a 5,250 sf lot.



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What Did That Westwood Home Sell For At 2310 Camden Ave

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What Did That Westwood Home Sell For?

The Westwood Spanish at 2310 Camden Ave.,  LA CA 90064 lasted just 8 days on the market, accepting an offer on 3/23/12. The property was listed on 3/15/12 for $1,099,00 and also sold over the asking price. Previously, the home spent a short lived listing period at the end of 2010, starting at $1.199m and dropping down to $1.150m before pulling off the market. According to the MLS, the home is a 3 bedroom / 2 bath, 1,867 sq ft of living space on a 6,750 sq ft lot. This home looks to have been updated throughout, while still keeping it's vintage Spanish charm. What is nice about this house is in addition to the big living room in the front of the house, there is an additional family room/den area in the rear off the kitchen for people to hang out in, watch tv, etc.. The family room/ den opens to a nice size grassy backyard. In back, the garage has been finished off so that it could double as a bonus room or a garage- which ever you prefer. Lastly, the master bedroom has been modernized to include a walk-in closet and attractively remodeled bath with double sinks and shower--no tub. A nice touch to the master is having french doors lead out to the backyard. On May 7th, 2012, 2310 Camden Ave closed 3% over the asking price at $1,131,000 |$606 $/sf|.

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How Is The Market On The Wilshire Corridor?

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Hows The Market On The Wilshire Corridor?
 
 
SOLD STATISTICS
Westwood Wilshire Corridor Condos

Comparing YTD (1/1-5/22)
2011 vs. 2012
2011
2012
% Change
Median Sales Price
$585,000
$575,500
-1.6%
Average Sales Price
$931,161
$919,542
-1.2%
High Sales Price
$9,200,000
$5,000,000
Low Sales Price
$280,000
$62,000
Price Per Sq Ft
$498
$505
+1.4%
Average Days On Market
94
89
-5.3%
# of Sold
56
54
-3.6%
SP/LP
94.39%
92.81%
-1.58%

The Westwood Wilshire Corridor condo market is a very unique market because of the extreme variety in buildings and pricing. You have the ultra luxury newer construction buildings like the brand new Beverly West and almost new Carlyle building seeing pricing in the $2-3 million range up to 10m+ range. And on the same street older buildings like Marie Antoinette, Wilshire Regent and Wilshire Selby seeing condos sell in the $300-$400k range.  So realistically, looking at an average price or even price per square foot on the whole corridor could be misleading since pricing is so unique to each individual building. A couple sales in a high end building or low end building can sway the average price for the corridor in a big way. For example, there is one $9m sale in 2011 sample range that drives the average price of the corridor to $931k. If I take out that one sale, the average price drops to $780k and makes 2012 up 18% in average price YTD.

In my opinion, the general stats on the Wilshire Corridor are a little less statically important than individual building stats. But I do think what we can look at other general metrics to gauge how things are doing on the corridor, like days on market, number of sales and possibly the SP/LP. 

Number of sales is about the same this YTD as last yeard. And I have noticed that days on market has been trending downward for the last year+. After the market crash 2007, days on market hit the 4-5 month range and now is in the 3 month range to sell. The current monthly supply of inventory is approximately 7 months.


So if you have an interest in buying or selling on the corridor, then having very specific information on the sales in that particular building will be more helpful. You may contact me via email or phone if you want assistance on the Wilshire Corridor.



These stats include the Wilshire Corridor area of Westwood (90024).
Source: CLAW MLS -Information deemed reliable but not guaranteed. Market activity represents sales from all brokerages.

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Market Analysis Report Of Active Listings In Westwood 5/25/12

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 Market Analysis Report

of

Active Single Family Homes In Westwood

Key:
Little Holmby- Homes south of Sunset and north of Wilshire / East of UCLA
Westwood Hills- Homes south of Sunset and north of Wilshire / west of UCLA
SOW- Homes south of Wilshire and north of Santa Monica Blvd.
SOSM- Homes south of Santa Monica Blvd and north of Olympic
SOO- Homes south of Olympic and north of Pico.

ACTIVESLittle HolmbyWestwood HillsSOWSOSM SOO
# of Listings144958
Average Days on Market4529575353
Low Price $1,639,000900,0001,249,000721,700789,000
Median Price $2,697,0001,197,0001,398,0001,379,0001,074,500
High Price $6,995,0001,595,0002,499,0001,995,0002,149,000
Average Price $3,234,2141,222,2501,637,6671,381,9401,259,875
Average Sq. Ft.3,8732,1722,5852,6752,220
Average Price / Sq. Ft. $835566633517567
Average Lot Size13,3437,2407,7005,8635,959
Average Price / Lot Size $242169213236211




These stats include all areas of Westwood (90024, 90025, 90049, 90064).
Source: CLAW MLS -Information deemed reliable but not guaranteed.

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Westwood Bank Owned Property Sells Well Over Asking

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What Did that Westwood Bank Owned Foreclosures Sell For?

As predicted, the bank owned (foreclosure) just south of Wilshire at 10515 Ohio Ave LA CA 90024 received multiple offers and went well over the asking price of $875,900. According to the MLS, the home is a 2 bedroom / 2 bath, 1,764 sf of living space on a 7,800 sf lot. The listing states the hardwood floors were refinished and the walls were painted, but that looks to be about it in terms of cosmetic 'upgrades'. This house would more than likely be a major fixer project or even a teardown to most. The backyard has some patio space and a large pool that takes up most of the backyard. On May 10th, 2012, 10515 Ohio Ave closed well over the asking price, 17% over at $1,026,000 |$582 $/sf|. 

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How Is The Condo Market In Westwood? | YTD vs 2011

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Hows The Market In Westwood?
 
 
SOLD STATISTICS
Westwood Condos

Comparing YTD (1/1-5/22)
2011 vs. 2012
2011
2012
% Change
Median Sales Price
$570,000
$558,000
-2%
Average Sales Price
$788,429
$717,215
-9%
High Sales Price
$9,200,000
$5,000,000
Low Sales Price
$219,000
$62,000
Price Per Sq Ft
$472
$453
-4%
Average Days On Market
88
83
-6%
# of Sold
149
210
+41%
SP/LP
93.61%
93.26%
-0.35%

The Westwood condo market is slightly down in pricing vs year-to-date last year. In fact, if you take out the $9 million dollar condo sale last year, it would drop the average sales price to $731,000. Thus making both average and median price down just 2% in 2012. The most notable number is the increase of sales of almost 40%. Both Westwood single family homes and condos are up 40%+ in sales numbers over 2011, which shows good signs of life for market activity. The current monthly supply of inventory is approximately 5 months. Low interest rates and the pent up demand from a slow 2008-2010 continue to bring out the buyers.

These stats include all areas of Westwood (90024, 90025, 90064).
Source: CLAW MLS -Information deemed reliable but not guaranteed. Market activity represents sales from all brokerages.

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What Did That Westwood Little Holmby Home Sell For At 815 S Beverly Glen

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What Did That Westwood Little Holmby Home Sell For?


The Westwood Little Holmby home at 815 S. Beverly Glen Blvd. LA CA 90024 lasted 45 days on the market before accepting an offer on 3/16/12. The home was listed on 1/31/12 for $2,795,000 and received one price reduction during the listing term down to $2.695m. This is a fairly large home with 7 bedrooms and an over-sized lot with huge front and back yards. The home was remodeled in 2002 and features a completely renovated kitchen. On 5/08/12, 815 S. Beverly Glen closed for $2,500,000 |$512 $/sf|. According to the MLS, the home is a 7 bedroom / 6 bath, 4,882 sf of living space on a 11,704 sf lot.


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Hows The Market In Westwood? | YTD 2011 vs 2012 |

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Hows The Market In Westwood?
 
 
SOLD STATISTICS
Westwood Single Family Homes

Comparing YTD (1/1-5/22)
2011 vs. 2012
2011
2012
% Change
Median Sales Price
$1,143,000
$1,207,500
+6%
Average Sales Price
$1,332,284
$1,393,740
+5%
High Sales Price
$3,400,000
$3,850,000
Low Sales Price
$718,000
$571,000
Price Per Sq Ft
$557
$583
+5%
Average Days On Market
65
40
-38%
# of Sold
50
75
+50%
SP/LP
95.85%
98.11%
+2.26%

We are almost half way through the year and the Westwood single family home market continues to outperform 2011 in almost all closely watched statistical categories. Other than both average and median price both being up, the most notable differences are the significant drop in days on market of 38% and an increase in sales by 50%. The SP (Sales Price/List Price) is up 2+% as we are seeing many homes driven up in price by multiples offers all over town. Low inventory and strong buyer demand has helped drive these increases. Currently, there is only a 2.7 MSI (Monthly Supply Inventory). Under 6 months of MSI is widely considered to be a seller's market.




These stats include all areas of Westwood (90024, 90025, 90064).
Source: CLAW MLS -Information deemed reliable but not guaranteed. Market activity represents sales from all brokerages.

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What Did That Westwood Home Sell For At 1310 Thayer Ave

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What Did That Westwood Home Sell For?

The Westwood home at 1310 Thayer Ave LA CA 90024 lasted just 13 days on the market before accepting an offer well over the asking price on 3/13/12. The listed price in February was $1,899,000 and on May 17th, 2012, the property closed for $100k+ over the asking at $2,005,000 |$596 $/sf|. This two story traditional was in move-in condition and featured solar heated pool and a guest house with a bathroom. According to the MLS, the home is a 3 bedroom / 3.5 bath, 3,362 sf of living space on a 6,750 sf lot.

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Short Sale At 2207 Benecia Receives Price Increase

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The Westwood Short Sale at 2207 Benecia Ave., LA CA 90064 received a price increase of $50k, up to $949,999. This property is a short sale and the price increase could be related to a lender request. The property was listed 73 days ago on 3/10/12 for $999,999. According to the MLS, the home is a 3 bedroom / 3 bath, 2,061 sf of living space on a 5,858 sq ft lot. Public records states the home is a 2 +2 with 1,661 sq ft of living space. 







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What Did That Westwood Little Holmby Home Sell For At 322 Loring Ave

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What Did That Westwood Little Holmby Home Sell For?

The Westwood Little Holmby home at 322 Loring Ave LA CA 90024 lasted approximately 3 months, at the current list price, before accepting an offer on 5/7/12.  

Listing History
This home has been on and off the market since 2009. It all started in May 2009 for $4.1m for 60 days. Then 239 days starting 10/19/09 with a list price of $2,750,000. That listing period ran into 2010 when the price was raised to $3.5m in January. Then the home was relisted at the end of 2010 for $3.5m and ran a total of 201 days till April 19th, 2011. In the beginning of 2012 the home spend 1 month at $3.5 before it was cancelled and brought back to market for the last time at $3.175m.

The size of the lot, flatness of the lot and location of the home on one of the prime Little Holmby streets are the ideal selling features of this particular home. Most would consider this a major fixer, if not tear down. According to the MLS, the home is a 4 bedroom / 4 bath, 4,248 sf home on a 11,620 sf lot.

On May 18th, 2012, 322 Loring Ave closed for $2,965,000 |$698 $/sf| or |$255 $/sf| for the land.

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Westwood Homes Open House Sunday May 20th, 2012

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This is something new I wanted to try posting to see if you like it. This buyer tour booklet has all the Westwood homes that will be open on Sunday May 20th. The booklet includes a few pictures on each house, a review sheet for each house for you to take notes, and some other misc info all in a beautiful magazine style layout. A pdf can be downloaded, printed, emailed to your iPhone,iPad,Droid,etc.. Additionally, if your interested in another area, I may be able to send you a personal report if you wish.





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Sleak And Sexy 1323 Club View Drive Receives 1st Price Reduction

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The Westwood Comstock Hills home at 1323 Club View Dr. received a price reduction this week of 3.85% or $100,000, down to $2,495,000. This is the 1st price reduction of the current listing term, which started on February 17th, 2012. According to the MLS, the home is a 4 bedroom / 3.5 bath, 4,542 sf of living space on a 11,736 sf lot. I would personally describe this house as a very sophisticated and sexy type home. Yes, that is a very atypical way I describe a home in Westwood and is subjective of course. But that is the way this house makes me feel when I am there.  There are not too many Westwood homes that I can say that about. The home has been remodeled throughout with higher end finishes in a contemporary feel. The sitting room off the master with floor to ceiling glass overlooks the golf course is a nice feature. And I especially like all the water features in the front and rear yard. In my estimation, the only reason this home hasn't sold yet is the elevation off the street....which equals many steps to get up to the front of the house.

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751 S Beverly Glen Receives 2nd Price Reduction

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The Westwood Little Holmby home at 751 S Beverly Glen Blvd received a price reduction of .95% or $26,000, down to $2,699,000. Listed in February for $2,975,000, this is now the 2nd price reduction of the current listing. According to the MLS, the home is 3 bedroom / 4 bath, 2,625 sf of living space + a bonus area in the attic area, on a 14,438 sq ft lot. Situated on a very large flat lot, you will notice there is a large setback from the street, as well as park like greenbelt in the backyard. It's extremely rare to see such a large flat yard in the immediate area. Inside, the kitchen looks to be recently remodeled and the rest of the house looks to be updated at some point in the last 10 or so years.

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What Did That Westwood Home Sell For At 2226 Patricia

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What Did That Westwood Home Sell For?

The Westwood home at 2226 Patricia Ave LA CA 90064 lasted 182 days on the market before receiving an accepted offer on 4/12/12. During the listing period, the home received one price reduction down from the original list price of $975,000. On 5/8/12, 2226 Patricia Ave closed for a final sales price of $890,000. The home has been remodeled throughout on the interior and is in move-in type condition. According to the MLS, the home is a 3 bedroom / 2 bath, on a 6,072 sf lot.



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